Why Does the Government Invest in Clean Energy Innovation? – SciTechDaily

by | Oct 16, 2022 | Energy

The study also found that current levels of funding are insufficient to help meet climate goals.The study indicates that the primary drivers behind governmental investment in energy innovation are international collaboration and technological competition with China.Some European nations have started to reduce their use of oil and natural gas as the ongoing Russian invasion of Ukraine continues to put pressure on the world’s energy supplies. However, some nations have sought to increase domestic fossil fuel production in order to reduce costs and alleviate their current fuel shortage.That strategy is incompatible with the emissions reductions required to achieve the Paris Agreement’s 2-degree climate goal. In order to meet climate targets, we must fundamentally transform how we supply and use energy, which is a challenge that can only be solved through energy innovation.A new study headed by experts at the University of California, Berkeley, and the University of Cambridge provides insight into the trajectory of energy research, development, and demonstration (RD&D), which might help policymakers recalibrate their strategy to drive innovation. The results, published recently in the journal Nature Energy, demonstrate that participation in Mission Innovation, a new type of international collaboration, and rising technical competition from China are the most powerful drivers of funding for clean energy research and development.“By contrast, we do not find that stimulus spending after the financial crisis was associated with a boost in clean energy funding,” said Jonas Meckling, a UC Berkeley professor in the Department of Environmental Science, Policy, and Management and first author of the study.Monitoring growth and changeTracking the evolution and variation in “new clean” technologies — a category that includes renewables like solar and wind, hydrogen fuel cells, and improvements in energy efficiency and storage — is central to understanding if energy innovation funding is on track to help achieve emissions reductions needed to achieve the Paris climate goals.Estimates from the International Energy Agency (IEA) indicate that 35% of global emissions reductions rely on prototype technology or innovatio …

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